BlackRock’s Spot Bitcoin ETF Leads in Trading Volume
According to data from Bloomberg Intelligence, BlackRock’s spot Bitcoin ETF recorded a trading volume of $341.2 million on February 7, 2024. This puts BlackRock ahead of its competitors in terms of trading volume, surpassing Grayscale’s GBTC which had $296.5 million in volume. The rivalry between these two companies has been ongoing since their respective spot BTC ETFs were approved by the SEC. Additionally, Fidelity Investments, Bitwise, Invesco Galaxy, and others are also competing in this market.
Spot Bitcoin ETF Market Competition
The spot Bitcoin ETF market officially began on January 11 with Grayscale dominating initially. However, BlackRock and Fidelity quickly emerged as strong contenders with high transaction volumes. After some fluctuations in the market, BlackRock eventually overtook Grayscale. On February 1, BlackRock’s cumulative volume reached $303.4 million while Grayscale’s GBTC was at $291.7 million. However, GBTC regained the lead briefly with a trading volume almost $100 million higher than BlackRock’s IBIT.
BlackRock Takes the Lead Again
Current data shows that BlackRock is currently leading in terms of traded spot Bitcoin ETFs. Fidelity remains in the third position with a trading volume of $200.5 million. The spot ETF issuers, including Valkyrie’s BRRR, are performing better than before. BRRR has a recorded trading volume of $3.6 million, followed by Franklin Templeton’s EZBC at $5.3 million. As of February 7, the total volume from the ten spot BTC ETFs was approximately $32.7 billion with total flows reaching $1.6 billion.
Intensifying Competition Among Spot Issuers
The rivalry between BlackRock and Grayscale is expected to intensify in the coming days, with Fidelity also potentially closing in. The spot Bitcoin ETF market is witnessing increased competition as issuers strive to improve their performances.
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